India, April 9 -- In a world dominated by Silicon Valley giants and Chinese fintech ecosystems, few would have imagined that India, a country once considered a laggard in digital infrastructure would emerge as a global thought leader in digital payments.

Yet, with the Unified Payments Interface (UPI), India has not only bridged its own digital divide but is now exporting a powerful new template to the rest of the world. UPI is a story of audacious public policy, open architecture, and frugal innovation converging to create a payment system that is frictionless, inclusive, and scalable.

Initially, UPI was envisioned as part of a broader mission to democratise access to financial systems. In its design, it is deceptively simple and allows...